Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The company reported a revenue of $1.59 billion for 2024, a year-on-year increase of 12%, but a significant decline in net profit attributable to shareholders, which was $6.2 million, down 95% year-on-year [1][5] - The company is focusing on expanding its SharkNinja Asia-Pacific (SN APAC) business and plans to enhance its presence in emerging markets, with expectations for revenue growth in the Asia-Pacific region in 2025 [1][2] - The SN APAC segment showed strong performance in 2024, with third-party customer revenue reaching $342 million, a year-on-year increase of 125.6%, driven by growth in Australia, New Zealand, and South Korea [2] - The gross margin for SN APAC in 2024 was 47.6%, up 5.4 percentage points year-on-year, benefiting from high-margin product sales and cost optimization [3] - The company anticipates that the expense ratio will remain high due to increased marketing investments in the SN APAC region and stock-based compensation [4][5] Summary by Sections Financial Performance - Revenue for 2024 is projected at $1.59 billion, with a year-on-year growth of 12% [7] - Net profit attributable to shareholders for 2024 is expected to be $6.2 million, a decline of 95% compared to the previous year [7] - The company forecasts net profits of $6.56 million, $7.77 million, and $9.63 million for 2025, 2026, and 2027 respectively [5] Valuation Metrics - The report sets a target price of HKD 2.21 for the company, based on a 15x PE ratio for 2025 [5][20] - The average PE for comparable companies in 2025 is projected to be 13x [20] Market Outlook - The company is expected to benefit from the "trade-in" policy, which may drive revenue growth [5] - The report highlights the potential for the company to optimize its product structure overseas and increase the proportion of direct sales [5]
JS环球生活（01691）：24年盈利显压力，亚太成增长引擎